TON Slides as Sell-Off Triggers Spike in Volume With Potential Bearish Pressure Signal
TON, the Telegram-linked cryptocurrency, saw a short-term bearish-to-bullish reversal pattern in recent trading, finding key support at $3.25 after significant selling pressure triggered a volume spike of over 152K in a single hour, according to CoinDesk Research's technical analysis model.
The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 2.5% in the last 24 hours.
Technical Analysis
• Price declined from $3.33 to $3.26, representing a 2% decrease over 24 hours.
• Significant volume-driven selloff saw price drop sharply to $3.26 on 8.23 million volume — nearly triple the 24-hour average.
• Key support emerged at $3.22-$3.22, with high-volume resistance at $3.34-$3.35.
• The 4-hour moving average continues to trend downward, indicating potential further weakness.
• Bearish-to-bullish reversal pattern observed in the last hour with price dropping to $3.25 before recovering to $3.26.
• The $3.25-$3.25 zone has established itself as a potential key short-term support level.
• Resistance remains at $3.28-$3.28 where selling pressure intensified earlier.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.